Below are amounts (in millions) from three companies' annual reports. Beginning Accounts Ending Accounts Receivable $2,742 6,594 645 WalCo TarMart CostGet Receivable $1,795 6,066 609 Net Sales $320,427 65,878 66,963 Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and 2. Which company appears most efficient in collecting cash from sales?
Below are amounts (in millions) from three companies' annual reports. Beginning Accounts Ending Accounts Receivable $2,742 6,594 645 WalCo TarMart CostGet Receivable $1,795 6,066 609 Net Sales $320,427 65,878 66,963 Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and 2. Which company appears most efficient in collecting cash from sales?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Please do not give solution in image format thanku
Transcribed Image Text:Complete this question by entering your answers THE M
Required 1 Required 2
Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. (Enter your answ
rounded to 1 decimal place.)
WalCo
TarMart
CostGet
WalCo
TarMart
CostGet
Choose Numerator
Choose Numerator
Receivables Turnover Ratio+
Choose Denominator
Required 1 Required 2
Average Collection Period
Choose Denominator
TYRIGH COmpany appears most emicient in collecting cash from sales?
Complete this question by entering your answers in the tabs below.
Which company appears most efficient in collecting cash from sales?
Most efficient in collecting cash from sales
Receivables turnover ratio
times
times
times
Average collection period
days
days
days
Transcribed Image Text:Below are amounts (in millions) from three companies' annual reports.
Beginning Accounts Ending Accounts
Receivable
$2,742
6,594
645
WalCo
TarMart
CostGet
Receivable
$1,795
6,066
609
Net Sales
$320,427
65,878
66,963
Required:
1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and Cr
2. Which company appears most efficient in collecting cash from sales?
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education